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Outside events seemed to be diverting the attention of many market professionals towards the end of the week. The long weekend will tee off for many today (Friday) with holidays in most of Europe. It will give some the opportunity to ponder the outcome of the EU meeting at which members of the single currency will be confirmed and euro conversion rates will be set.

France Arranger Banque Paribas has signed the Ffr1.2bn standby for Charbonnages de France. The deal was well supported in syndication and oversubscribed but was not increased.

Financially strapped Thai exporters with high quality international customers should take a close look at the recent $100m debt issue for Wongpaitoon Group PCL.

Argentinian gas and oil company YPF plans to become the first Latin private sector corporate to issue in euros in the next fortnight, with a debut Eu250m 10 year offering. Roadshows will begin on the deal in the week ahead with pricing early the week after. Chase is sole bookrunner and Paribas is joint lead.

Asset backed securities: * Lily Funding Ltd

* Bayerische Vereinsbank Overseas Finance Guarantor: Bayerische Vereinsbank

Porterbrook, the UK rolling stock leasing company which has earned a reputation for innovative financings, broke new ground again this week when it securitised revenues from trains which have yet to be built. The securitisation, structured by UBS over the last 10 months, was issued through special purpose vehicle New Investment for Trains plc (NIFTI). The package is made up of a senior £110m loan from the European Investment Bank, three tranches of FRNs worth a total of £140m, and a £23m subordinated loan from UBS, partly wrapped by the European Investment Fund.

* World Bank Rating: Aaa/AAA

WHILE THEY MAY RANK AS MINNOWS in terms of population and size, the three Baltic states - Estonia, Latvia and Lithuania - dwarf their eastern neighbour, the Russian Federation, in terms of economic performance.

First the meltdown: then the restructuring. Throughout Thailand, the private sector is entering an era of far-reaching change - cultural, commercial, legal and financial. The old order has had its day. Who will be the winners and the losers in the new order?

Asset backed securities: * Fondo de

Egypt Bayerische Vereinsbank is to sign the $19.5m (increased from $11m) term loan for Export Development Bank of Egypt on Monday. Syndication closed in March. However, the documentation took longer than the bank expected.